Sweep Account Set Up

Hi there, kattu2km.

I'm here to help you set up a sweep account and record its transactions in QuickBooks Desktop (QBDT).

If it's a money market, you can easily create a bank account in QBDT to represent it. This way, you will have both your business checking account and your money market account properly set up. To accurately reflect the transfers between these two accounts, you can simply record them in QuickBooks. If both accounts are connected to online banking, the Bank Feed feature will automatically capture these transfers for you.

Regarding the sweep account, if it functions as a regular cash account, you only need to enter the transactions and reconcile the cash balance at the end of each month based on the statement provided.

To do this properly, I suggest consulting your accountant or accounting professional for further guidance with the process. Visit this link if you don't have an accountant yet: QuickBooks Certified ProAdvisor.

Moreover, I recommend performing a reconciliation on a regular basis to ensure your account is balanced and accurate. Refer to this article for future reference: Reconcile an account in QuickBooks Desktop.

Please post again if you have follow-up questions about this or anything else. I'm always here to assist. Stay safe.

Good morning!  We started doing the nightly bank sweep in September as well.  Were you able to figure out how to set up and reconcile both the checking account and the new sweep account in QuickBooks?